In a recent development, Solana exchange-traded funds (ETFs) have moved closer to a potential launch date, with the final decision deadline anticipated around mid-March 2025. The Chicago Board Options Exchange (CBOE) filed applications on July 8 to list ETFs proposed by VanEck and 21Shares, sparking interest and speculation in the cryptocurrency market.
Eric Balchunas, Senior ETF Analyst for Bloomberg, tweeted about the significance of the upcoming months, emphasizing November as a crucial period. He noted, “If Biden wins, these likely DOA. If Trump wins, anything poss.” This underscores the political influence on the regulatory landscape for cryptocurrency investments.
The CBOE’s filings for the 21Shares Core Solana ETF and the VanEck Solana Trust liken Solana to established cryptocurrencies such as Bitcoin and Ethereum, both of which have seen spot ETFs approved by the SEC earlier this year.
The exchange stressed Solana’s decentralization, speed, and resistance to price manipulation as key factors in its favour. “Much like Bitcoin and ETH, the Exchange believes that SOL is resistant to price manipulation,” the filings stated, aiming to reassure investors and regulators alike.
An ETF analyst, Nate Geraci, indicated that the regulatory clock starts ticking once the SEC acknowledges these filings. According to SEC rules, the agency has 240 days to decide on the necessary rule changes for listing these products.
Solana’s Market Dynamics and Price Forecast
Meanwhile, SOL has experienced notable trading activity. At the time of writing, Solana was trading at $141.23, marking a slight rebound of 7%, as per CoinMarketCap. The trading volume surged by 55%, reflecting heightened investor interest. With a market capitalization of approximately $65 billion, Solana holds its position as the 5th-largest cryptocurrency.
The price of SOL has been robust despite falling off in the last week. The token continues to swing between $122 and $150. It recently surged above $154 before retracing its typical market movement patterns. Thus analysts are optimistic about Solana growth looking at the significantly high 552% growth so far this year.
SOL, with an ability to breach throughout the $150 resistance level, might target $160, potentially exploding toward the $200 crucial level. On the downside, further bearish pressures could send SOL toward the $135 support level or, even worse, $120, indicating more bearish market sentiment.
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